Mon, Aug 19, 9:29 PM (148 days ago)
MetAlert, Inc. reported a net loss of $153,858 for Q2 2024, a 26% reduction from Q2 2023's loss of $208,584, despite a 10% revenue decline to $44,163. The decrease was attributed to a strategic shift from direct-to-consumer PPE sales to a focus on B2B operations and the introduction of Level 2 Security Products. Gross margins improved significantly to 67% from 11% year-over-year, driven by a reduction in cost of goods sold, which fell 66% due to lower distributor hardware sales. Operating expenses totaled $116,824, down from $186,817, aided by substantial cuts in wages and benefits. The company faced a working capital deficit of $4,168,974 and cash reserves of $29,576 as of June 30, 2024. Cash flow from operations was negative at $252,915, necessitating reliance on financing activities, which provided $217,051. The firm anticipates ongoing challenges in revenue generation but is focused on enhancing production capacity and expanding its market reach through strategic partnerships and improved operational efficiencies. Future operations hinge on successful fundraising to support its growth initiatives.